Yuan deposits hit record

By Amy Su / Staff reporter

Tue, Dec 17, 2013 - Page 13

The central bank said yesterday that a total of 155.12 billion yuan (US$5.22 billion) had been deposited in Taiwan as of the end of last month, up from the 123.25 billion yuan recorded at the end of October.

The record level of yuan deposits in Taiwan include 117.29 billion yuan in savings accounts at the 64 domestic banking units (DBUs) and 37.84 billion yuan in savings accounts at the 57 offshore banking units (OBUs), according to data provided by the central bank.

Last month’s yuan deposits at DBUs represented an increase of 11.18 times from 9.63 billion yuan in February, when the government introduced yuan deposits to the nation’s domestic retail market.

Corporate clients accounted for 60 percent of all depositors at DBUs last month and retail customers made up the remaining 40 percent, the bank’s data showed.

The central bank attributed the increase in DBU yuan deposits to higher savings rates offered by domestic lenders and an expectation of the yuan appreciating among consumers.

Yuan deposits at OBUs last month rose by nearly 1.3 times from February, according to the central bank’s data.